Global deal tracking firm Dealogic said on Tuesday in New Delhi that Indian companies have raised a record high of $38.5 billion to fund their upcoming and current projects so far this year, making the country the leader in the Asia Pacific region in the syndicated loan space.
Accorrding to Dealogic, “This year’s syndicated loan volume has surpassed the previous high of $38.1 billion achieved in full year 2007 and accounts for 23 per cent of Asia Pacific’s,” .
Syndicated loans are large financing facilities granted to a borrower by a group of financial institutions who share the lending risk between them. India’s syndicated loan volume has reached a total of $38.5 billion through 108 deals so far this year, surpassing Australia, where loan volume amounted to $36.5 billion. India’s syndicated volume loan has seen an increase of 17 per cent from its year ago level and according to Dealogic Indian companies raised money mainly to fund their upcoming as well as curr ent projects.
Dealogic also said that loans for project finance purposes accounted for nearly 78 per cent of the total loan amount and stood at $30.2 billion through 62 deals since the beginning of this year.